
This document describes the replication package for the paper titled "The Disappearing IPO Puzzle and the Shift Toward Acquisitions: New Insights from Proprietary U.S. Census Data on Private Firms".

The replication package consists of the following programs and pseudo datasets:

Programs:
A SAS program: "CHRS 2025 Replication Code for Figures and Table 1.sas"
A Stata program: "CHRS 2025 Replication Code for Tables 2-7.do"

Pseudo Datasets:
A SAS dataset: "lbd_full_pseudo.sas7bdat"
A SAS dataset: "lrd_full_pseudo.sas7bdat"
A Stata dataset: "multivariate_pseudo_sample.dta"
A Stata dataset: "tfp_long_term_pseudo.dta"

The SAS program "CHRS 2025 Replication Code for Figures and Table 1.sas" replicates Table 1 and all the figures in the paper.
The Stata program "CHRS 2025 Replication Code for Tables 2-7.do" replicates Tables 2-7 in the paper.
Both programs use the pseudo datasets provided in this package, along with datasets downloaded from online public sources (as detailed in the programs).

The empirical analyses in the paper primarily rely on proprietary data provided by the U.S. Census Bureau, which cannot be shared (see the paper for further details). To aid replication efforts, we provide pseudo datasets to demonstrate the structure and format of the data used. Please note:
All variables in the pseudo datasets are randomly generated and do not represent the real values or statistical properties of the original datasets.
The tables and figures generated using the pseudo datasets will not match those presented in the paper.
To reproduce the tables and figures in the paper, it is essential to closely follow the sample and variable construction process described in Section 3 of the paper.